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Pensionfund Metalektro (PME)

PRI reporting framework 2018

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(Proxy) voting and shareholder resolutions


LEA 15. Voting policy & approach

New selection options have been added to this indicator. Please review your prefilled responses carefully.

15.1. Indicate whether your organisation has a formal voting policy.

15.2. Indicate what your voting policy covers:

15.3. Attach or provide a URL to your voting policy. [Optional]

15.4. Provide a brief overview of your organization’s approach to (proxy) voting.

On behalf of PME, MN executes all the voting and engagement on the basis of PME's policy. PME exercises voting rights for all internally managed equities and for the majority of externally managed equities. MN has a custom policy and is advised by ISS on its votes. We vote in all markets except for markets, where due to administrative burdens, the process is inefficient.
ESG related shareholder resolutions are generally supported by PME. We will generally do not support shareholder resolutions that limit the company's business activities or capabilities or result in significant costs being incurred with little or no benefit, unless the company faces a risk of non-compliance with international treaties and/or established market and/or industry standards.


LEA 16. Typical approach to (proxy) voting decisions

16.1. Indicate how you typically make your (proxy) voting decisions.


Based on

16.2. Provide an overview of how you ensure your voting policy is adhered to, giving details of your approach when exceptions to the policy are made (if applicable).

On behalf of PME, MN executes all the voting and engagement on the basis of PME's policy. For the executing of its voting rights, PME makes use of the services of Institutional Shareholder Services (ISS). ISS gives a voting advice for each voting item that is placed on an agenda of a general meeting on the basis of the customized voting policy. Issues where our policy guidelines mention a case-by-case approach are implemented in our custom policy in line with the ISS recommendations. Note that PME can choose not to follow this voting advice and is able to vote differently. In cooperation with Eumedion, PME attends and votes at several general meetings per year. In all other cases votes are submitted electronically and on the website there is a reporting tool on all the votes that have been submitted.

16.3. Additional information.[Optional]

On behalf of PME, MN executes the voting policy. PME has adopted a custom voting policy which deviates from the standard ISS-policy. ISS also votes automatically, except in the case of companies with whom we have an engagement program, or when an agenda contains specific items that we would like to review on beforehand. We review the recommendations and votes on a regular basis.

LEA 17. Percentage of voting recommendations reviewed

New selection options have been added to this indicator. Please review your prefilled responses carefully.

17.1. Of the voting recommendations that your service provider made in the reporting year, indicate the percentage reviewed by your organisation, giving reasons.

Percentage of voting recommendations your organisation reviewed

Reasons for review

17.2. Additional information [Optional]

Service provider recommendations are based on our own customized voting policy, not on the standard policy of the service provider. Thus the necessity of reviewing their recommendations is limited. We do however test whether the votes our service provider casts are in compliance with our policy.

LEA 18. Confirmation of votes

New selection options have been added to this indicator. Please review your prefilled responses carefully.

18.1. Describe your involvement in any projects to improve the voting trail and/or to obtain vote confirmation .

          We use the online proxy voting exchange platform of the proxy advisor in which the voting trail and casted votes are confirmed.

18.2. Additional information. [OPTIONAL]


LEA 19. Securities lending programme (Private)

LEA 20. Informing companies of the rationale of abstaining/voting against management

New selection options have been added to this indicator. Please review your prefilled responses carefully.

20.1. Indicate whether you or the service providers acting on your behalf raise any concerns with companies ahead of voting

20.2. Indicate whether you and/or the service provider(s) acting on your behalf, communicate the rationale to companies, when , you abstain or vote against management recommendations.

20.3. Additional information. [Optional]

All submitted votes are disclosed on the website of our fiduciary manager MN and PME's website via a reporting tool.

Outputs and outcomes

LEA 21. Percentage of (proxy) votes cast

21.1. For listed equities where you and/or your service provider have the mandate to issue (proxy) voting instructions, indicate the percentage of votes cast during the reporting year.

Votes cast (to the nearest 1%)

95 %

Specify the basis on which this percentage is calculated

21.2. Explain your reason(s) for not voting certain holdings

21.3. Additional information. [Optional]

LEA 22. Proportion of ballot items that were for/against/abstentions

22.1. Indicate if you track the voting instructions that you and/or your service provider on your behalf have issued.

22.2. Of the voting instructions that you and/or third parties on your behalf issued, indicate the proportion of ballot items that were:

Voting instructions
Breakdown as percentage of votes cast
For (supporting) management recommendations
71 %
Against (opposing) management recommendations
29 %
0 %

22.3. Describe the actions you take in relation to voting against management recommendations.

          In general no specific actions are undertaken, except for companies on our engagement list, or on request of the company. In those cases our voting recommendations may be communicated with the relevant company. Our policy and votes casted are publicly available on our website.

22.4. Additional information. [Optional]

LEA 23. Shareholder resolutions (Private)

LEA 24. Examples of (proxy) voting activities (Private)